Romios Gold Resources Inc.(Romios) is pleased to announce that it has concluded an option agreement to acquire a molybdenum property that was the site of the former producing La Corne molybdenum mine. The mine property is located adjacent to paved highway 111 and approximately 30 kms. from the town of Val d'Or, Quebec. The La Corne mine was operated intermittently by Molybdia Corporation Limited from 1951 to 1972 as an underground mine. Total production during this period was 3,838,844 tons of ore at a head grade of 0.33 % MoS2 (6.6 lbs/ ton) and 0.040% bismuth (0.80 lbs/ton). The historical probable reserve calculated in 1974 was 1,440,000 tons grading 0.23 % MoS2 (4.6 pounds/ton) and 0.04 % bismuth (0.80 lbs/ton). This reserve is based on reports prepared by previous operators and should not be relied upon for any purpose. No qualified person (as defined by NI 43-101) has carried out sufficient work to classify the historical estimate as a current mineral resource or mineral reserve as defined in sections 1.2 and 1.3 of NI 43-101. Further work will be required to validate these resource estimates.
The mineralization occurs in a swarm of quartz-pegmatite veins hosted by a large sill or stock of biotite granite. The granite mass, so far as known, is a northeast trending body about 1,000 metres (3,280 feet) long and contained within the Preissac- Lacorne batholith. In the upper levels of the mine it is approximately 426 metres (1397 feet) wide, narrowing to about 350 metres (1148 feet) at the 228 metres level (750 feet). A biotite schist of sedimentary origin bounds the sill or stock to the north and south and also hosts sets of veins carrying molybdenum and bismuth.
Romios has entered into a three-year option agreement for five mining concessions collectively encompassing 234.26 hectares. Additionally, the company has staked 28 claims covering 847.5 hectares which surround and are contiguous to the mining concessions. Terms of the agreement provide for an initial payment schedule of $20,000 cash, completion of a minimum of $50,000 in exploration expenditures and the issuance of 650,000 shares of the company over the three year period. The agreement is subject to a 3% Net Smelter Return (NSR) retained by the vendors, of which half (1.5 %) can be repurchased for $500,000. Romios may exercise its option at any time to earn a 100 % in the property, subject to the NSR. The agreement is subject to receipt of regulatory approval. To date, Romios collectively has completed 5,738 metres of drilling on its staked claims and the optioned property and assay results will be released shortly.
Tom Drivas, President of Romios, stated: "The Preissac- Lacorne batholith appears to be most promising for the formation of an economic molybdenum deposit. A review of the historical mine records indicates that the vein complexes carrying molybdenum and bismuth mineralization are extensive. Underground workings in the mine outlined a mineralized vein complex over an area measuring approximately 402 metres (1319 feet) by 259 metres (850 feet) and to a depth of 304 metres (997 feet). Previous mining focused on the narrow veins; however, Romios intends to explore the potential for an open pit deposit because of the extent of the vein complexes and high potential for developing significant tonnage of lower grade material. The favourable geology plus the Province of Quebec's strong support for the mining industry makes the province an excellent area for conducting exploration."
The technical information contained in this press release has been reviewed and approved by Mr. Thomas Skimming, P. Eng., Geologist, V.P. of Exploration, Director of Romios Gold Resources Inc. and a qualified person as defined by National Instrument 43-101.
About Romios Gold Resources Inc.
Romios Gold Resources Inc., a progressive Canadian mineral exploration company established in 1995, is headquartered in Toronto and is actively engaged in precious and base metal exploration across North America with a primary focus on gold, silver and copper. Romios has significant property interests in British Columbia, Ontario and Nevada. The Corporation is undertaking extensive exploration work on its Galore Creek area properties in British Columbia, which are centrally located between Nova Gold's large gold-copper-silver deposit and Barrick's high grade gold mine at Eskay Creek.
For further information, please contact:
Tom Drivas, President and Director: (tel) 416-221-4124, (fax) 416-218-9772 or (email) romios@romios.com
Thomas Skimming, Vice President of Exploration and Director: (tel) 416-444-0900, (fax) 416-444-0586 or (email) tmsk8ing@hotmail.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Exchange Listings and Symbols: TSX-V:RG, NASDAQ OTC:RMIOF, Frankfurt:D4R.
Head Office:
25 Adelaide Street East, Suite 1010
Toronto, ON Canada, M5C 3A1
Tel: 416-221-4124, Fax: 416 218-9772
Website: www.romios.com
Contact: Tom Drivas, President
Email Address: romios@romios.com
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.